Walmart seeks tax value reduction
The king of low prices is seeking a reduction in its tax bill.
Owners of the Topsy Way Walmart have filed an appeal of its taxable valuation, according to the Douglas County Assessor’s Office.
The store believes its building is worth $5.899 million, less than the $9.46 million assessed by the county.
At 35 percent of taxable valuation, the store would be reappraised at $3.52 million, saving owners $1.2 million a year.
The Grant Avenue Walmart building is valued at $8.85 million with an assessed valuation of $3.1 million.
Wal-Mart Real Estate Business Trust is the eighth largest property holder in Douglas County with a total assessed value of $10.49 million.
The Walmart tax appeal was one of only two submitted to the Douglas County Board of Equalization.
The Douglas County Board of Equalization meets on Feb. 14 to consider any appeals.
Property tax is based on the value set by the assessor’s office.
The other appeal is from a Lake Tahoe homeowner, who is seeking a reduction in their valuation due to a neighbor’s propensity for parking old vehicles in front of his home.
The slightly larger than quarter acre lot is valued at $614,897. The owners claim that the property is only worth $500,000.
“It is our position that since the county is uninterested in enforcing its code, they must share responsibility for this dilemma and reduce the value of my property for taxation,” residents Paul and Vicky Kaleta wrote. “As soon as the county enforces their code, we would be will be willing to have our property reassessed and pay a fair share of property taxes.”
The pair of appeals are a far cry from the 58 cases the board heard in 2009, during the depth of the Great Recession.
The board meets annually to hear appeals from residents and businesses of the property values set by the assessor’s office.